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Home Building Fund: further details on 3bn government financing scheme

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Government Announces 3 Billion Home Building Fund to Increase Housebuilding in England

The 3 billion Home Building Fund is government finance to increase the number of new homes being built in England. Applications are being accepted from private sector businesses to build new homes or prepare sites for development.

Philip Hammond, Chancellor of the Exchequer, has announced details of the new Home Building Fund at the Conservative Party Conference in Birmingham.

The programme will address England's housing crisis with 1 billion to support the construction of 25,500 new homes by the end of 2020. A further 2 billion will help fund the construction of up to 200,000 homes in the longer term. The programme will use Government finances already set aside for housing schemes, issuing loans to encourage developers and businesses to begin new residential construction projects.

The fund provides:

  • development finance - loan funding to meet the development costs of building homes for sale or rent;
  • infrastructure finance - loan funding for site preparation and the infrastructure needed to enable housing to progress and to prepare land for development.

A range of non-financial support is also available for larger infrastructure schemes to help resolve barriers to schemes progressing more quickly. The key features of the Fund are:

  • Loans of 250,000 to 250 million are available, with smaller loans considered for innovative housing solutions and serviced plots for custom builders.
  • Typical terms are up to five years for development finance and up to 20 years for infrastructure loans.
  • Interest is payable at transparent, pre-agreed variable rates.
  • Sales income can be recycled to minimise the loan request.
  • Subordinated lending will be considered.
  • Finance is available to draw down up to 31 March 2021.

The HCA wants to encourage innovation, both in the kind of homes that are built and the way they are delivered. Financing is available to support these projects, which could include community-led housing projects, serviced plots for custom and self-builders, off-site manufacturing, new entrants to the market and groups of small firms working in consortia to deliver larger sites.

Applications are being accepted from private sector businesses that build new homes or prepare sites for housing development. Small builders, community builders, custom builders and innovative housing developers and regeneration specialists and businesses in England will be eligible to apply.

Loans can be tailored to individual circumstances and eligible costs will be discussed with each applicant and depend on the type of funding requested.

Enquiries about access to the fund may be submitted at any time.

The Link is: https://www.gov.uk/homebuildingfund


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